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Unbelievable set up fee with GE money!!
Hello
Hoping someone can help. . .
My parents bought into a holiday club some years ago and took out a loan to pay for this. The loan was with GE Money for £10,000. As the maintenance fees have risen and my dad lost his job they could no longer afford it and they tried to sell the holiday club points back to the company. When they bought the points they were told it was a great investment, the points would go up in value and they would always be able to sell them back to the company (i know it seems naive of them but they were being pressured into a sale at the time!).
However, the club would not take them back so they have had to surrender the membership, which they don't really care about as they no longer have to worry about extortionate maintenance fees.
The issue is with GE money - my parents have written to them, aswell as the holiday company detailing how they believe they were mis-sold the loan, on the grounds that it was suppose to be an investment (amongst other issues). However, neither are taking responsibilty.
On investigating this a bit further my parents tell me that they were charged a set up fee of . . . . . £18,000 on top of the £10,000 loan, plus interest!!!!
I just can't believe this is possible? Surely there is a case to challenge both the mis-selling of the loan and the extortionate set up fee?
Any help would be greatly appreciated! Thanks.
Hoping someone can help. . .
My parents bought into a holiday club some years ago and took out a loan to pay for this. The loan was with GE Money for £10,000. As the maintenance fees have risen and my dad lost his job they could no longer afford it and they tried to sell the holiday club points back to the company. When they bought the points they were told it was a great investment, the points would go up in value and they would always be able to sell them back to the company (i know it seems naive of them but they were being pressured into a sale at the time!).
However, the club would not take them back so they have had to surrender the membership, which they don't really care about as they no longer have to worry about extortionate maintenance fees.
The issue is with GE money - my parents have written to them, aswell as the holiday company detailing how they believe they were mis-sold the loan, on the grounds that it was suppose to be an investment (amongst other issues). However, neither are taking responsibilty.
On investigating this a bit further my parents tell me that they were charged a set up fee of . . . . . £18,000 on top of the £10,000 loan, plus interest!!!!
I just can't believe this is possible? Surely there is a case to challenge both the mis-selling of the loan and the extortionate set up fee?
Any help would be greatly appreciated! Thanks.
0
Comments
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tbh i doubt the lender would have charged set up fees of 18k more likely the "holiday"conpany added these charges
i cant see where mis-selling comes into this,more like mis-buying !0 -
I cant see how GE have done anything wrong, the loan documents were signed and these figures would of been on them. In sales the aim is to get you to sign, but only what is in writting on the day of signing is what counts.Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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It looks like your story is similar to this one
http://www.timeshareconsumerguide.org/news/?view=archives&month=8&year=2009
If so, it looks like a lot of people are already taking legal action, maybe try and find out what they are doing and what is happening on that front? Try and get involved in it? I believe there is something around loans that you can do something if you were put under too much pressure/not understanding fully what you signed up for, but I can't be sure. I'm sure someone else will know the answer?Mummy to beautiful 5yr old girl and a gorgeous 1yr old boy:D0
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